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House Passes DATA Act

May 2, 2014—The House of Representatives April 28 passed under suspension of the rules the Digital Accountability and Transparency Act (DATA Act, S. 994), sending the bill to President Obama for his signature.

It requires the Treasury Secretary and Director of the Office of Management and Budget (OMB) to establish government-wide financial data standards for federal funds and entities receiving such funds. It also requires the data be displayed accurately for taxpayers and policy makers on USASpending.gov.

The legislation also requires OMB to develop a two-year pilot program to standardize reporting elements, eliminate duplicate reporting requirements, and reduce compliance costs for recipients of federal awards.